Dubai's Ruler Sheikh Mohammed introduces a 20% annual tax for foreign banks operating outside DIFC.

Sheikh Mohammed bin Rashid, the Ruler of Dubai, has issued a new tax law on foreign banks operating in Dubai, imposing a 20% annual tax on their taxable income. The law applies to all foreign banks in the emirate, except those licensed to operate within the Dubai International Financial Centre (DIFC). Violations of the law will be penalised by the Chairman of The Executive Council of Dubai.

March 07, 2024
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